Monday, February 29, 2016

February 29, 1960 -- Plans are announced for the 36 million dollar Marina City project on the Chicago River. At 60 stories and 555 feet the two towers are projected to be the tallest housing structures in the world and the fourth tallest buildings in the city. There will be parking for 900 cars with 256 efficiency apartments, 576 one-bedroom units and 64 two-bedroom units with rents projected to start at $115. Besides the apartment towers there are to be a 10-story office building, a one-acre plaza and a theater which will seat 1,200. There is to be no mortgage on the project. Financing will take place under Title 7 of the National Housing Act, under which the government guarantees the debt assumed by the developer.